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AFB have co-signed a joint statement regarding concerns with the timelines for DORA compliance, alongside AFME, AmCham EU, EPIF, FIA EPTA, and FIA, Inc.
DORA is set to apply from 25 January 2025, however, significant challenges are being faced by financial entities and ICT third-party service providers in meeting implementation deadlines due to the complexity and scale of many of the requirements, with some rules still under development.
AFB therefore urge the supervisory authorities, European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA), to provide clearer guidance on potential enforcement actions and supervisory priorities for the first year of DORA’s application. This clarity would help industry participants prioritise their efforts effectively.
You can read the full statement using the link below:
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